Discover opportunities to develop innovative, high-quality solutions to improve financial health for financially underserved consumers in the United States.
Understanding the needs and behaviors of consumers, especially those who have traditionally been overlooked by mainstream financial services, is key to improving financial health for all. With nearly a decade of market analysis and proprietary insights from our groundbreaking research, the Financial Health Network lays a foundation for businesses and policymakers to shape innovative strategies, product designs, and policies that can help more Americans achieve financial security.
For nearly a decade, this report has guided businesses and policymakers in pursuit of responsible financial health innovation. In 2021, the Financial Health Network has again reimagined the study, refreshing the methodology to create an even more valuable resource.
Provided by doxo, this research reveals that Americans spend $2.75 trillion annually – over one fifth (21%) of all U.S. consumer spending – across 11 primary bill payment categories.
In the United States, there are approximately 198 million insured vehicles on the road today. Among those, approximately 53 million vehicles are insured by low- to moderate-income (LMI) — often known as underserved — consumers.
This report reveals that financially underserved American consumers spent $138 billion in fees and interest revenue in 2014, generated from a volume of $1.6 trillion in financial activity.
The underserved represent a vast opportunity for financial services providers to meet consumer demand for high-quality products that support financial health.